CSRT.L Share News (CSRT)

Consort Medical has continued to trade in line with its expectations and the board is confident of its outlook for the full year. The medical devices maker described its financial position as remaining strong, with cash at the end of August totalled £33.6m."The board expects its sustained organic growth initiatives to continue to convert into progressively increased revenue and operating leverage for Consort Medical over time, as well as from further development programme wins," Consort said, adding that it continued to evaluate "suitable inorganic opportunities which are consistent with its strategy".The company also revealed that its new effective tax rate percentage (ETR) for the current year is expected to be below 16%, depending on the actual mix of products sold. This compares to an actual ETR of 20.6% in the previous year and follows the introduction of the UK government's patent box regime. Chief executive Jonathan Glenn said: "Consort is continuing to deliver across its diversified portfolio. We welcome the establishment of the UK government's Patent Box regime, which provides a material uplift in financial returns from our existing IP portfolio, as well as a favourable investment environment for our ongoing Innovation activities."Shares had risen 2.73% to 940p by 09:22.NR